Renewable oil and bioproducts company Solazyme Inc. and Mitsui & Co. have entered into a $20 million multi-year agreement to jointly develop a suite of triglyceride oils for use primarily in the oleochemical industry, the companies said Feb. 6. The agreement includes further development of Solazyme’s high myristic algal oil, a raw material used in the oleochemical industry, as well as additional oils that Solazyme is developing for the oleochemical and industrial sectors.
Product development is expected to span a multi-year period, with periodic product introductions throughout the term of the joint development alliance. End-use applications may include renewable, high-performance polymer additives for plastic applications, aviation lubricants, and toiletry and household products.
“Collaborating with Solazyme allows us to develop highly attractive products to penetrate the traditional oleochemicals industry, and expand beyond the supply limitations caused by both regional oil production and constraints in conventional oil profiles,” said Daiji Kojima, general manager of Mitsui’s specialty chemicals division. Solazyme’s flexible manufacturing process and oil tailoring capabilities helps to support long-term competitiveness, independent of price swings inherent to this industry, while allowing us to produce tailored oils that are in demand in the marketplace.”
For more information, visit www.mitsui.com.